The number of dollar millionaires in Türkiye is expected to rise 43% by 2028, Swiss banking giant UBS forecasted in a recent report, placing the country in the very top locations, just behind Taiwan.
Almost a third of the world’s millionaires will be in emerging markets by 2028, according to the report, as the millionaire population increases in nearly every country – with the U.K. a rare exception.
Publishing the “Global Wealth Report 2024,” UBS indicated that wealth has grown almost everywhere since the 2008 financial crisis.
Evaluating countries’ average wealth growth between 2008 and 2023, “the most dramatic evolution has taken place in Türkiye,” UBS wrote, “where average wealth per adult in this period has shot up by 1,708% in local currency.”
The report said that looking forward, Türkiye is the second country in which the number of millionaires is expected to increase the most in U.S. dollars, after Taiwan, by 2028.
According to UBS, the number of U.S. dollar millionaires in Türkiye increased to 60,787 in 2023. The report predicts that this number will increase by 43% to 87,072 in 2028.
The bank expects Taiwan to post an increase of 47% in its millionaire population to 1.16 million by 2028. Taiwan’s microchip industry is surging thanks to the artificial intelligence boom, and the economy will also benefit from the addition of wealthy immigrants, UBS said.
UBS’ report also revealed Türkiye came way ahead of the rest of the world in an annual global wealth ranking between 2022 and 2023 despite soaring inflation.
“Türkiye stands out with a staggering growth of over 157% in wealth per adult between 2022 and 2023, leaving all other nations far behind,” the bank said.
The next-highest countries in terms of average wealth growth per adult were Russia and Qatar, with nearly 20% and South Africa, with just over 16%.
